Core Insights - On September 5, shareholders of Zhongshen Jianye (02503) transferred shares from Beta International Securities to Bank of China (Hong Kong), with a transfer value of HKD 145 million, accounting for 9.80% of the total shares [1] Company Performance - Zhongshen Jianye, acting as a general contractor or subcontractor, is involved in overall project coordination and management, providing various construction services including construction engineering, municipal public works, foundation engineering, and specialized contracting [1] - The company reported a revenue of HKD 201 million for the first half of 2025, representing a year-on-year decrease of 46.9% [1] - The company recorded a loss attributable to shareholders of HKD 11.81 million, compared to a profit of HKD 335,000 in the same period last year [1] - The decline in revenue is primarily attributed to a reduction in construction project activities during the reporting period [1]

根据人民银行数据，截至 2025 年 6 月末，我国 个人住房贷款余额 37.74 万亿元 。结合工农中建交 邮六大行 2025 年半年报，这 6 家银行 2025 年 6 月末个人住房贷款余额合计 25.09 万亿元， 占我国全部 个人住房贷款余额的 66.48% ；如加上招商银行和兴业银行两家股份行中的大行， 8 家银行 2025 年 6 月末个人住房贷款余额 27.61 万亿元，占我国全部个人住房贷款余额的 73.17% 。可见我国个人住房贷 款主要由这 8 家银行提供。 主要商业银行个人住房贷款余额对比如下表（单位：亿元）： | 银行名称 | 2024 年末 | | 2025年6月末 | | --- | --- | --- | --- | | | 贷款余额 | 贷款余额 | 在全国的占比 | | 工商银行 | 60.831.80 | 60.465.50 | 16.02% | | 建设银行 | 61.878.58 | 61.454.98 | 16.28% | | 农业银行 | 49,845.92 | 49,354.31 | 13.08% | | 中国银行 | 40.892.66 | 40.852.89 ...

Core Viewpoint - The implementation of the personal consumption loan interest subsidy policy starting September 1 has prompted several major banks to prepare for its execution, aiming to attract consumers through simplified processes and enhanced customer experience [1][2]. Group 1: Policy Implementation - Major state-owned banks, including ICBC, ABC, BOC, CCB, and PSBC, have released FAQs regarding the personal consumption loan interest subsidy, addressing consumer concerns [1]. - The cumulative interest subsidy cap for each borrower during the policy period is set at 3,000 yuan, with a maximum subsidy of 1,000 yuan for individual loans under 50,000 yuan [1]. Group 2: Automatic Recognition of Transactions - Banks like CCB and TCB have stated that loan funds will be disbursed to the borrower's selected debit card/account, with automatic recognition of transactions including POS payments, QR code payments, and online transactions [2]. - For transactions not automatically recognized, customers can submit proof of consumption for manual review to receive the subsidy [2]. Group 3: Existing Loans and Compliance - Borrowers with personal consumption loans issued before September 1, 2025, can still enjoy the subsidy if they use the funds for consumption during the policy period without needing to refinance [3]. - Banks have emphasized strict compliance measures against fraudulent activities related to loan applications and subsidy claims, with penalties for violations [3]. Group 4: Economic Impact - Analysts from CITIC Securities believe that the interest subsidy will positively impact consumer spending by reducing interest burdens and leveraging fiscal funds to enhance consumption loan leverage [3].

1. Report Industry Investment Rating - Currently, the report has a phased and clear bullish view on the bond market [1]. 2. Core Viewpoints of the Report - The revenue growth rate of the entire A-share market and the return on 10-year Treasury bonds are relatively consistent, and the economy may have stabilized at a low level in the first half of 2025, but there is still downward pressure [1][4]. - The loan growth rate continues to decline, the proportion of loans on the asset side of banks tends to decrease, and the financial investment proportion of large banks has increased since early 2023 [1]. - The cost rate of interest-bearing liabilities of listed banks has declined quarter by quarter, and it is expected to further decline in the next few years [1]. - The decline in bank liability costs will support the bond yield to oscillate downward, and it is recommended to increase the allocation of government bonds [1]. 3. Summary by Relevant Catalogues 3.1 From the Semi-annual Report of the Entire A-share Market to See the Economic and Bank Operating Pressures - **From the Performance of the Entire A-share Market to See the Economy** - The revenue growth rate of the entire A-share market can reflect the nominal GDP growth rate to a certain extent, and it is more consistent with the return on 10-year Treasury bonds than the nominal GDP growth rate [5][6]. - In the first half of 2025, the revenue growth rate of the entire A-share market was 0.0%, and the net profit growth rate attributable to the parent was 2.4%. The growth rate of the entire A-share market excluding finance, petroleum, and petrochemicals was under pressure, reflecting the large pressure on real - economy growth [4][10]. - **From the Performance of the Bank Sector to See the Economy** - The performance of the banking industry is closely related to the economy. In the past two years, the performance growth of the banking industry has been significantly under pressure, and the net interest margin of commercial banks has continued to decline [13][16]. - As of the second quarter of 2025, the net interest margin of commercial banks was 1.42%, a record low, and the average net interest margin of various types of listed banks has also decreased significantly [16][18]. - **From the Liabilities of the Entire A-share Market to See the Financing Demand** - Since the first quarter of 2024, the long - term borrowing of the entire A - share market (excluding finance, petroleum, and petrochemicals) has stagnated, reflecting the weak financing demand of market - oriented enterprises [20]. - The social financing growth rate generally leads the nominal GDP growth rate by 1 - 2 quarters, and the social financing growth rate may decline in the next few months [23]. 3.2 What Changes Have Occurred in the Bank's Assets and Liabilities? - **The Loan Growth Rates of Large and Small and Medium - Sized Banks Have Both Declined** - As of the end of July 2025, the balance of RMB loans of financial institutions was 268.5 trillion yuan, with a year - on - year growth rate of 6.9%, the lowest level since the beginning of 2011 [25]. - The growth rate of personal housing loans is under pressure of negative growth, and the loan growth rates of large and small and medium - sized banks have both declined. The proportion of loans of listed banks has tended to decline since the second quarter of 2024 [25][29]. - **The Proportion of Deposits on the Liability Side of Large Banks Has Decreased, and the Proportion of Deposits of Small and Medium - Sized Banks Has Remained Stable** - Since early 2023, the proportion of deposits of the six major banks has decreased from 81.4% in the first quarter of 2023 to 76.0% in the second quarter of 2025, while the average proportion of deposits of listed joint - stock banks has increased [25]. - The large - scale banks' corporate deposit growth has slowed down, and the large - scale banks' dependence on non - bank inter - bank deposits has increased [39][45]. 3.3 Which Banks Had More Financial Investment Growth in the First Half of 2025? - Since early 2023, the proportion of financial investment of large banks has rebounded. As of the end of June 2025, the overall financial investment of A - share listed banks reached 97.4 trillion yuan, accounting for 30.3% of assets [51]. - In the first half of 2025, ICBC and CCB had more financial investment growth, while a small number of joint - stock banks' financial investment decreased. The financial investment increments of large banks, joint - stock banks, and city and rural commercial banks were all significant [55][59]. - As of the end of July 2025, the year - on - year growth rate of the bond investment of the four major banks reached 21.2%, the highest since 2017, and that of small and medium - sized banks was 18.3% [60]. 3.4 How Much Has the Cost of Interest - Bearing Liabilities of Banks Decreased? - In 2025, the decline of the current deposit ratio has slowed down. Since early 2018, the current deposit ratio has dropped significantly, and it is expected to further decline in the future, but the decline rate may slow down [61]. - Since the beginning of 2024, the deposit interest - payment rate has decreased significantly. The overall deposit interest - payment rate of A - share listed banks in the first half of 2025 was 1.65%, a year - on - year decrease of 32BP [65]. - The cost rate of interest - bearing liabilities has declined quarter by quarter. It is expected to further decline in the next few years, and may drop below 1.65% in the fourth quarter of 2025 [67]. 3.5 Investment Suggestions - It is expected that the liability cost of commercial banks will decline year by year in the next five years, which will support the bond yield to oscillate downward, and the return on 10 - year Treasury bonds will follow the decline of bank interest - bearing liabilities [69]. - In the low - interest - rate era, it is recommended to reduce the return expectation of bond investment, and commercial bank self - operation should increase the allocation of government bonds [72][73].

一、2025 上半年金融资产处置收益及浮盈情况 增持（维持） 上半年银行净息差仍有下行压力，上市银行利息净收入普遍承压，叠加上 年同期债券投资收益高基数压力，银行择机适度增加了 AC 及 OCI 金融资 产处置收益，对业绩形成一定支撑。我们在本报告中对上半年上市银行确 认金融资产处置收益情况，进行简要梳理： 1、金融资产处置收益：AC 及 OCI 确认收益占营收比重达 5.2%，较 24A 提升 2.9pc 今年上半年 42 家上市银行投资收益增速为 23.6%，其中分账户来看，AC、 OCI、TPL 及其他三项收益的同比增速分别为 134.7%、79.0%、-8.4%。 上半年十年期国债收益率呈现先上后下的特征，债市波动加大，银行交易 性金融资产账户普遍有浮亏（25H1 上市银行公允价值变动损益为 19 亿 元，有浮亏的银行数量占比过半，24H1 为 607 亿元），在上年高基数压力 之下，上市银行或普遍加大 AC 及 OCI 账户的存量债券处置力度。 对营收的贡献比例来看，今年上半年 42 家上市银行 AC 及 OCI 类金融资 产确认收益在营收中的占比达到 5.2%，较 24A 提升 2.9pc，其中对 ...

Core Points - The personal consumption loan interest subsidy policy was officially implemented on September 1, 2023, allowing residents to enjoy interest subsidies on loans used for consumption until August 31, 2026 [1] - Major banks are actively promoting this policy through their mobile banking apps and have established "subsidy zones" for customers [1] Group 1: Implementation Details - The subsidy applies to personal consumption loans from six major state-owned banks, twelve national joint-stock commercial banks, and five other lending institutions, specifically for loans that can be identified as used for consumption [1] - Agricultural Bank of China clarified that loans issued between September 1, 2025, and August 31, 2026, can qualify for the subsidy if used for consumption, and borrowers do not need to refinance existing loans [2] Group 2: Transaction Recognition - Transactions eligible for automatic recognition include POS transactions, QR code payments, online payments, and transfers to corresponding business accounts [3] - For transactions not automatically recognized, customers can upload receipts to the bank's app for manual recognition starting September 6, 2023 [3] Group 3: Service Agreement and Channels - Customers can sign the subsidy service agreement through the mobile banking app upon loan approval, regardless of when the loan was signed [4] - Postal Savings Bank allows customers to process subsidy applications through its app and branches, emphasizing that no third parties will be involved in the process [5] Group 4: Fees and Compliance - China Bank confirmed that no fees will be charged for processing the personal consumption loan subsidy [6] - Industrial and Commercial Bank of China stated that it will strictly adhere to market principles and legal regulations, prohibiting fraudulent activities to obtain subsidies, with serious consequences for violators [8]

随着2025年半年报披露收官，多家银行高管在近期密集召开的业绩发布会上回应息差话题，坦言当前仍面临下行压力， 但也释放出积极信号：通过主动资产负债管理、优化结构和政策协同，预期净息差有望边际趋稳。 净息差水平普遍收窄 据Wind数据，在42家A股上市银行中，有38家上半年净息差较2024年下滑，1家持平，3家有所回升。 以国有六大行为例，上半年业绩状况显示，国有六大行的盈利规模依旧维持在较高水准，展现出较强的盈利基础与实 力，但不容忽视的是，行业整体净利润增速呈现出放缓态势。 息差管理依旧是银行业半年度业绩发布会上绕不开的话题。 财务信息显示，2025年上半年，工商银行的净息差为1.30%，同比下降13个基点；建设银行的净息差为1.40%，同比下降 14个基点；农业银行的净息差为1.32%，同比下降13个基点；中国银行的净息差为1.26%，同比下降18个基点；邮储银行 的净息差为1.70%，同比下降21个基点；交通银行的净息差1.21%，同比下降8个基点。 受去年以来LPR利率持续下行、存量房贷利率调整以及美联储降息，导致资产收益率下降快于负债成本等因素影响，国 有行的净息差普遍出现收窄现象。 为有效应对这一 ...

人民网悉尼9月6日电 2025年全球人民币国际化系列路演活动澳大利亚站4日在悉尼举办。本次活动由中 国银行悉尼分行主办，中央国债登记结算有限责任公司特别支持，吸引了来自中澳金融与企业界的100 余名代表参会。 中国银行悉尼分行行长 中央国债登记结算有限责任公司总监兼运营中心总经理梁恒在活动上致辞 (摄影 李麟颢) 中国驻悉尼总领馆副总领事王春生出席活动并致辞 (摄影 李麟颢) 中国驻悉尼总领馆副总领事王春生表示，近年来，人民币国际化稳慎扎实推进，人民币在跨境交易中可 以更加广泛地使用，人民币的国际地位和全球影响力也在进一步提升。希望中国银行悉尼分行以在澳复 业40周年为契机，把握合作机遇，积极开拓进取。在为中澳经贸合作服务的同时，实现自身的高质量发 展。 中央国债登记结算有限责任公司总监兼运营中心总经理梁恒在致辞中表示，中澳两国在贸易和金融方面 有着稳定的合作。越来越多的澳大利亚金融机构积极参与人民币清算、结算和投资，为推动人民币国际 化注入新动力。希望未来能推动和支持更多澳金融机构进入中国债券市场，分享中国经济增长带来的机 遇。 来自中国银行上海人民币交易业务总部的负责人进行主题宣讲(摄影 李麟颢) 李芒在 ...

Group 1 - The overall quality of sustainability report disclosures by listed companies has improved, with a compliance rate of 34.72% as of June 2025, an increase of approximately 10 percentage points compared to the previous two years [1] - Over 2200 listed companies are expected to disclose sustainability or social responsibility reports for the year 2024, with an average annual growth rate of 20% in disclosures over the past three years [1] - More than 1000 companies have disclosed carbon emissions data, with an average annual growth rate of over 50% in disclosures over the past three years [1] Group 2 - The implementation of ESG (Environmental, Social, and Governance) practices is shifting from mere disclosure to precise governance, with over 70% of companies establishing dedicated ESG management institutions [2] - The governance structure and institutional development related to ESG have significantly strengthened, indicating that companies are integrating ESG into their core management systems [2] Group 3 - The ESG ratings of listed companies have significantly improved, with the proportion of companies rated AAA or AA increasing from less than 3.2% at the end of 2023 to 7.2% by the end of 2024 [3] - Companies such as China Construction Bank and Industrial Bank have received the highest AAA rating, while 26 companies, including CITIC Securities and China Life Insurance, achieved AA ratings [3] - The improvement in ESG ratings is attracting long-term capital, as seen with Kweichow Moutai's rating increase to BBB, which has led to a significant increase in foreign investment [3] Group 4 - Companies like Sungrow Power have seen their ESG ratings rise from A to AA, with foreign ESG fund holdings increasing from over 5 billion to over 11 billion [4] - The ongoing implementation of various guidelines is expected to systematize sustainability information disclosure, enhancing the capital market's ability to differentiate pricing mechanisms [4] - High-quality ESG performance will attract more funding, driving companies to improve risk management and technological innovation, ultimately promoting a transition to a green and low-carbon economy [4]

Core Viewpoint - The performance of A-share listed banks in the first half of 2025 shows a "steady progress" with a total revenue of approximately 2.92 trillion yuan and a net profit of about 1.1 trillion yuan, indicating resilience amid challenges such as narrowing interest margins and risk management [1][12]. Revenue and Profit Performance - A-share listed banks collectively maintained stable revenue growth, with over 60% of the 42 banks reporting increases in both revenue and net profit [2][5]. - The six major state-owned banks played a crucial role, achieving a combined revenue of 1.8 trillion yuan and a net profit of 684.1 billion yuan [2]. - Notable revenue growth was observed in several joint-stock banks, with Shanghai Pudong Development Bank and Minsheng Bank reporting increases of 2.62% and 7.83% respectively [4]. - Regional city commercial banks and rural commercial banks also showed strong revenue performance, with Chengdu Bank and Ningbo Bank achieving growth rates of 5.91% and 7.91% respectively [4]. Profitability Trends - Despite revenue growth, many banks faced challenges in translating this into profit, with several banks experiencing "revenue growth without profit growth" [4][5]. - Major banks like ICBC and CCB saw a decline in net profit, with ICBC reporting a decrease of 1.45% [5]. - Among joint-stock banks, Shanghai Pudong Development Bank reported a net profit increase of 9.42%, while others like Huaxia Bank and Minsheng Bank experienced declines [7]. Net Interest Margin Analysis - The net interest margin (NIM) for listed banks generally faced pressure, with significant declines noted across major banks [8][11]. - ICBC's NIM fell to 1.30%, down 13 basis points from the previous year, while CCB's NIM decreased by 14 basis points to 1.40% [8]. - Some regional banks maintained relatively stable NIMs, such as Ningbo Bank with a NIM of 1.76%, only down 11 basis points [11]. Future Outlook - The banking sector is expected to continue focusing on high-quality development, with strategies including optimizing asset allocation and enhancing risk management [12]. - The outlook for the second half of 2025 is positive, with expectations of improved profitability driven by economic recovery and digital transformation initiatives [12].